Lease to own for rehab then flip?

[Douglas Ellis]

Have an opportunity to purchase aging neighbor property who is moving to retirement home. Thinking a creative approach is to execute a 6 mos lease-to-own agreement with attorney with option to purchase at pre-agreed (wholesale) price, rehab (using my money) within 3 mos, execute the option to purchase and then resale with profit. Appreciate any comments or suggestions, regarding structuring deal, taxes, etc.